The ZK token of ZKsync saw a significant drop of over 18%. It fell from $0.047 to below $0.04 in just one hour. This decline happened after an attacker exploited a compromised admin account and stole around $5 million worth of unclaimed tokens from the project’s airdrop contract.
The ZKsync security team confirmed that the admin key linked to the airdrop contract was compromised. However, they assured users that this incident was isolated and did not impact the main protocol or the ZK token contract. They emphasized that all user funds remain safe and secure.
Despite the limited nature of the security breach, it caused a quick sell-off of the token, leading to a sharp price drop. In response to the incident, ZKsync has started an internal investigation and plans to provide a complete update later today.
This incident is part of a larger trend, as several altcoins have recently faced sudden price declines. For example, just yesterday, the IP token of Story Protocol declined by over 20%.
